Can Stocks Make Highs Again??
Stocks have rallied for two straight days, breaking through several levels of resistance. We have spanned almost two handles, from 4500 to 4600, and are facing resistance just below 4700. In particular, we are starting to see the price action round off around resistance at 4693. The Kovach OBV has turned up notably, but appears to be rounding off with the price action. Stocks are looking top heavy with this rally somewhat a surprise in the face of consistent fears such as Omicron, Fed tapering, inflation and the supply chain. If we do retrace, then we have a cluster of levels below in the 4600 handle to provide support. Watch the vacuum zone below 4632 down to 4580. If momentum continues, then 4729 is the next target.
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